Only way is ‘Up’ for old boarding house site in Kensington
173-175 Anzac Pde, Kensington sits amongst seven and nine-storey buildings built recently for student-accommodation.
It’s been described as a bit like the old Victorian house surrounded by new buildings in the movie ‘Up’ — and now, it’s set to sell to developers for a motser.
Owned by the Prodromou family since 1975 when the patriarch, Erotocritos Yianni Prodromou, bought 173-175 Anzac Pde, Kensington, for $52,000, it seems time’s up for the 18-room boarding house.
Fast forward half a century, and William Tsagaris of Bradfield BadgerFox has a $13.5m price guide for the 607sqm site in an expressions of interest campaign closing September 30.
MORE:
Kings Cross’s oldest bar snapped up
The site is just a short light-rail trip from the University of NSW.
“The ad only went live yesterday and I’ve been inundated with inquiry,” says Tsagaris.
“It’s a bit of a mix, people are thinking to potentially do it as student accommodation — like build to rent — and some want to put a hotel there, which could be a smart move since there’s not a lot of hotels around here.”
In recent years, the neighbours have sold up — for $13.8m and $15.25m — and those sites have become seven and nine-storey buildings full of units to cater for the nearby University of NSW students.
It’s a 607sqm block.
The tiny one-bed studios rent out for $715 per week, Tsagaris says.
“It’s very lucrative,” he says.
Even the Prodromou family has doing OK, with the existing building offering a lucrative return from its short-term and long-term tenants.
But with this being one of the last development sites in Kensington, its days as the old boarding house were always going to be numbered.
MORE:
